M.Y. Safra Bank Boosts Nationally Available 36-Month CD Rate
More than five years ago, New York-based M.Y. Safra Bank (MYSB) began offering a limited number of Online Promo CDs. MYSB’s initial foray into internet banking led to the MYSB Direct Online CDs, which have been part of the product line for a couple of years. MYSB recently raised the rates on Direct Online CDs, with the 36-month (3.04% APY) offering the most competitive rate. A minimum of $500 of new money is required to open an Direct Online CD. (New money is defined simply as “funds from another institution.")
Update 7/8/22: A DA reader emailed me this excerpt from the Truth-in-Savings disclosure for M.Y. Safra CDs (M.Y. Safra does not provide the disclosures on its website.)
"EARLY WITHDRAWAL PROVISIONS. We will impose a penalty if you withdraw any or all of the deposited funds before the maturity date. The fee imposed will equal 90 days of interest. If interest earned during the term is greater than 3 months, penalty will equal all interest earned."
Note, the Early Withdrawal Penalty (EWP) is 90 days of interest ONLY during the first 90 days. After 90 days, the EWP equals all interest earned. This is a very harsh EWP.
According to CSR, the Early Withdrawal Penalty for any of the MYSB Direct Online CDs is 90 days interest.
Funding can be done by ACH or wire transfer. Maturing funds will be distributed by check to the address on file or by wire ($20 fee).
Unlimited beneficiaries can be named, with Social Security numbers required for each beneficiary.
Availability
Headquartered in New York City, M.Y. Safra Bank came into being when T. Rowe Price Group Inc., sold its Baltimore-based T. Rowe Price Savings Bank in 2013 to New York financier and banker, Jacob E. Safra. The sale of the Bank was prompted by new regulations affecting the banking industry.
According to the promo page fine print, the Online Promo CDs can be opened by “U.S. natural persons depositing new funds” and must be opened online.
Bank Overview
M.Y. Safra Bank, has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.07% (excellent), based on March 31, 2022 data. In the past year, MYSB has increased its total non-brokered deposits by $48.44 million, an excellent annual growth rate of 20%. Please refer to our financial overview of M.Y. Safra Bank (FDIC Certificate # 35154) for more details.
Currently the 86the largest bank headquartered in New York, M.Y. Safra Bank has assets in excess of $373 million. Although MYSB opened its doors in 2013, the Safra family has been associated with banking for far longer.
For centuries, the Safra name, meaning gold, has been synonymous with sustained trust and reliability. The Safra family first rose to prominence while financing 19th century trade to Asia, Africa, the Americas, and Europe. The patriarch of the contemporary Safra dynasty, Jacob E. Safra, began working at age 13 under the tutelage of his uncle at Safra Frères & Cie., headquartered in Aleppo, Syria. In 1920, he established his own bank in Beirut, Jacob Safra Maison de Banque, marking the first step in extending the Safra legacy of prudent banking practices to the four corners of the world.
Jacob E. Safra’s son, esteemed banker and financier Edmond J. Safra, advanced his family’s legacy by founding a world renowned bank in Switzerland before arriving in New York in the early 1960s to establish what became Republic National Bank. Within twenty years, Republic grew to be one of America’s largest banks. Having successfully built a global network of banking excellence, he championed the Safra family principles of discretion and service in every institution that he built.
Although the bank's name looks like “My Safra Bank”, it actually refers to Moise Y. Safra, Jacob E. Safra’s second son, a legendary Brazilian banker.
How the 36-month MYSB Direct Online CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the M.Y. Safre Bank 36-month MYSB Direct Online CD. The following tables compares the 36-month MYSB Direct Online CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 6/10/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
